PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1308570
PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1308570
Passenger to Freighter Market Forecasts to 2030 - Global Analysis By Build Type, Aircraft Model, Fitment, Application and By Geography
According to Stratistics MRC, the Global Passenger to Freighter Market is accounted for $2.72 billion in 2023 and is expected to reach $6.34 billion by 2030 growing at a CAGR of 12.84% during the forecast period. The process of converting a passenger aircraft into a freighter involves removing all interior cabin furnishings, including seats, galley monuments, restrooms, overhead bins, and linings, in order to access the airframe structure. Converted freighters have long been a well-adopted and economically advantageous method of producing more cargo aircraft. Many cargo airlines have decided to operate modified freighters directly. The modified freighter achieves the same turnover without the use of the more expensive series freighter, is more cost-effective for the business, and meets the necessary high transport reliability requirements.
According to the Airbus corporation, a total of 2731 cargo aircraft will be in demand by carriers over the next 20 years, and 843 of this number will be completely new, while 1897 aircraft will be converted passenger aircraft.
Market Dynamics:
Driver:
Expanding commercial airline presence in freighter services
The market conditions for cargo operators around the world have changed as commercial airlines increasingly enter the freighter business. Some airlines were inspired to start offering cargo services and purchase their own converted freighter aircraft in order to diversify into the commercial airline industry through these cargo-carrying services. Commercial airlines have long offered both passenger and cargo transportation services, but during the COVID-19 pandemic, when there was a sharp drop in passenger traffic, the major airline operators had to rely on shipping cargo, including food and medical supplies, around the globe, which helped to expand the market.
Restraint:
Complex conversion process
Every aircraft and aircraft type is different, and converting passenger aircraft into freighters is a complex engineering process. Due to the high labor, material, and time demands of the conversion process, there are delays and a backlog of converted freighters. Such factors are impeding market expansion.
Opportunity:
Increasing number of aircraft conversion facilities
Due to the rising demand for passenger-to-freighter conversion, the major market participants are concentrating on standard and smaller narrow-body aircraft. This aircraft will be brand new to the conversion industry, necessitating the construction of a brand new conversion facility. Additionally, many important players are concentrating on creating new facilities and enhancing their conversion capabilities due to the rise in demand for P2F conversions.
Threat:
Conversion slot availability issues
The conversion stage is where the supply of passenger-to-freighter aircraft is constrained. Slots at the majority of the major conversion facilities are already reserved through 2024 and, in some cases, until 2026. Furthermore, one of the challenges facing the conversation facilities is finding and hiring qualified personnel.
COVID-19 Impact:
The COVID-19 pandemic had a significant effect on the market. Passenger traffic used to be a major source of income for many airlines and other aircraft operators. Passenger numbers fell as more countries closed their borders and people became more interested than ever in traveling internationally for leisure and business. These forced operators to look for alternative sources of income in order to survive. Airlines were compelled to focus on cargo due to strict regulations, border closures, and travel anxiety. Additionally, one of the many logistical difficulties during the pandemic has been the sourcing and delivery of necessary supplies. Key players concentrated on providing passenger-to-freighter conversion solutions to deliver necessities like food and medicine during this period. However, the market is expected to recover positively after the restrictions are lifted.
The refurbished segment is expected to be the largest during the forecast period:
Over the forecast period, the refurbished segment is expected to be the largest. During the COVID-19 pandemic, there was an emergency need to develop conversion facilities to meet the demand in the aviation sector due to the rising demand for emergency air cargo transportation, the supply of medicines, an increase in e-commerce, and other factors. Due to this, the major OMEs and MRO service providers have increased their investments in refurbished airplanes in order to expand freighter conversion.
The wide body segment is expected to have the highest CAGR during the forecast period:
Jet-powered wide-body freighters have a payload capacity of between 38,000 and 48,000 kg on medium- to long-haul flights. Due to this wide body segment, it is expected to have the highest growth rate during the forecast period. These airplanes' side doors have been modified to make loading cargo simpler. Initially, the goal of wide-body aircraft was to increase cargo capacity while maximizing efficiency and passenger comfort. Increased underfloor freight capacity and benefits like shorter overall aircraft length for a given capacity, improved ground maneuverability, and decreased risk of tail strikes are factors that are accelerating the segment's growth.
Region with largest share:
During the forecast period, North America is expected to witness a significant market share. Domestic demand in the United States increased significantly in 2020 and 2021 as a result of the unprecedented rise in e-commerce brought on by a lack of consumer mobility and a significant infusion of government stimulus. As a result, demand for freighter aircraft increased sharply. Because of this, it is anticipated that the market in North America will expand over the prediction period.
Region with highest CAGR:
The European market is anticipated to expand rapidly over the course of the forecast period. With nations like the United Kingdom, Germany, and France, Europe has the second-largest market share. Due to economic advantages, low costs, and an increase in aircraft economic life, more passenger aircraft are being converted to freighters in this European region.
Key players in the market
Some of the key players profiled in the Passenger to Freighter Market include AerCap, Aeronautical Engineers, Inc., Boeing Company, Bombardier, Inc., Elbe Flugzeugwerke GmbH, Embraer SA, HAECO Group, IAI Bedek, Pemco Conversions, Precision Aircraft Solutions and ST Engineering.
Key Developments:
In June 2023, AerCap Holdings N.V. announced at the Paris Air Show it has signed lease agreements with EL AL for two new Boeing 787-9 Dreamliners. The aircraft are scheduled to be delivered in Q4 2025 and Q1 2026. Chief Executive Officer Aengus Kelly said, "AerCap is delighted to partner with EL AL on this deal following the long history of successful cooperation between our two companies.
In June 2023, Eve Air Mobility ("Eve") announced the extension of its partnership with Widerøe Zero, an innovative initiative by Widerøe focused on sustainable aviation with the mission to revolutionize the industry and create a greener future for air travel. The partnership, solidified through a Letter of Intent (LOI), marks a significant step forward in both companies' commitment to addressing the environmental impact of aviation and ushering in a new era of sustainable air travel. The agreement involves up to 50 eVTOLs, a service and operation solutions package, as well as the implementation of Eve's Urban Air Traffic Management (Urban ATM) software solution.
In March 2023, AerCap Holdings N.V. announced it has signed lease agreements for two 737-800BCF (Boeing Converted Freighters) with newly launched cargo airline, PT Rusky Aero Indonesia, operating as Raindo United Services ("Raindo").
Build Types Covered:
- New Build
- Refurbished
Aircraft Models Covered:
- Narrow Body
- Regional Jets
- Wide Body
Fitments Covered:
- Slot/Retro Fitment
- Line Fitment
Applications Covered:
- Airlines
- Logistics Company
- Rental Company
Regions Covered:
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- Italy
- France
- Spain
- Rest of Europe
- Asia Pacific
- Japan
- China
- India
- Australia
- New Zealand
- South Korea
- Rest of Asia Pacific
- South America
- Argentina
- Brazil
- Chile
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- UAE
- Qatar
- South Africa
- Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026 and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
- Company Profiling
- Comprehensive profiling of additional market players (up to 3)
- SWOT Analysis of key players (up to 3)
- Regional Segmentation
- Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
- Competitive Benchmarking
- Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
- 2.1 Abstract
- 2.2 Stake Holders
- 2.3 Research Scope
- 2.4 Research Methodology
- 2.4.1 Data Mining
- 2.4.2 Data Analysis
- 2.4.3 Data Validation
- 2.4.4 Research Approach
- 2.5 Research Sources
- 2.5.1 Primary Research Sources
- 2.5.2 Secondary Research Sources
- 2.5.3 Assumptions
3 Market Trend Analysis
- 3.1 Introduction
- 3.2 Drivers
- 3.3 Restraints
- 3.4 Opportunities
- 3.5 Threats
- 3.6 Application Analysis
- 3.7 Emerging Markets
- 3.8 Impact of Covid-19
4 Porters Five Force Analysis
- 4.1 Bargaining power of suppliers
- 4.2 Bargaining power of buyers
- 4.3 Threat of substitutes
- 4.4 Threat of new entrants
- 4.5 Competitive rivalry
5 Global Passenger to Freighter Market, By Build Type
- 5.1 Introduction
- 5.2 New Build
- 5.3 Refurbished
6 Global Passenger to Freighter Market, By Aircraft Model
- 6.1 Introduction
- 6.2 Narrow Body
- 6.3 Regional Jets
- 6.4 Wide Body
7 Global Passenger to Freighter Market, By Fitment
- 7.1 Introduction
- 7.2 Slot/Retro Fitment
- 7.3 Line Fitment
8 Global Passenger to Freighter Market, By Application
- 8.1 Introduction
- 8.2 Airlines
- 8.3 Logistics Company
- 8.4 Rental Company
9 Global Passenger to Freighter Market, By Geography
- 9.1 Introduction
- 9.2 North America
- 9.2.1 US
- 9.2.2 Canada
- 9.2.3 Mexico
- 9.3 Europe
- 9.3.1 Germany
- 9.3.2 UK
- 9.3.3 Italy
- 9.3.4 France
- 9.3.5 Spain
- 9.3.6 Rest of Europe
- 9.4 Asia Pacific
- 9.4.1 Japan
- 9.4.2 China
- 9.4.3 India
- 9.4.4 Australia
- 9.4.5 New Zealand
- 9.4.6 South Korea
- 9.4.7 Rest of Asia Pacific
- 9.5 South America
- 9.5.1 Argentina
- 9.5.2 Brazil
- 9.5.3 Chile
- 9.5.4 Rest of South America
- 9.6 Middle East & Africa
- 9.6.1 Saudi Arabia
- 9.6.2 UAE
- 9.6.3 Qatar
- 9.6.4 South Africa
- 9.6.5 Rest of Middle East & Africa
10 Key Developments
- 10.1 Agreements, Partnerships, Collaborations and Joint Ventures
- 10.2 Acquisitions & Mergers
- 10.3 New Product Launch
- 10.4 Expansions
- 10.5 Other Key Strategies
11 Company Profiling
- 11.1 AerCap
- 11.2 Aeronautical Engineers, Inc.
- 11.3 Boeing Company
- 11.4 Bombardier, Inc.
- 11.5 Elbe Flugzeugwerke GmbH
- 11.6 Embraer SA
- 11.7 HAECO Group
- 11.8 IAI Bedek
- 11.9 Pemco Conversions
- 11.10 Precision Aircraft Solutions
- 11.11 ST Engineering
List of Tables
- Table 1 Global Passenger to Freighter Market Outlook, By Region (2021-2030) ($MN)
- Table 2 Global Passenger to Freighter Market Outlook, By Build Type (2021-2030) ($MN)
- Table 3 Global Passenger to Freighter Market Outlook, By New Build (2021-2030) ($MN)
- Table 4 Global Passenger to Freighter Market Outlook, By Refurbished (2021-2030) ($MN)
- Table 5 Global Passenger to Freighter Market Outlook, By Aircraft Model (2021-2030) ($MN)
- Table 6 Global Passenger to Freighter Market Outlook, By Narrow Body (2021-2030) ($MN)
- Table 7 Global Passenger to Freighter Market Outlook, By Regional Jets (2021-2030) ($MN)
- Table 8 Global Passenger to Freighter Market Outlook, By Wide Body (2021-2030) ($MN)
- Table 9 Global Passenger to Freighter Market Outlook, By Fitment (2021-2030) ($MN)
- Table 10 Global Passenger to Freighter Market Outlook, By Slot/Retro Fitment (2021-2030) ($MN)
- Table 11 Global Passenger to Freighter Market Outlook, By Line Fitment (2021-2030) ($MN)
- Table 12 Global Passenger to Freighter Market Outlook, By Application (2021-2030) ($MN)
- Table 13 Global Passenger to Freighter Market Outlook, By Airlines (2021-2030) ($MN)
- Table 14 Global Passenger to Freighter Market Outlook, By Logistics Company (2021-2030) ($MN)
- Table 15 Global Passenger to Freighter Market Outlook, By Rental Company (2021-2030) ($MN)
- Table 16 North America Passenger to Freighter Market Outlook, By Country (2021-2030) ($MN)
- Table 17 North America Passenger to Freighter Market Outlook, By Build Type (2021-2030) ($MN)
- Table 18 North America Passenger to Freighter Market Outlook, By New Build (2021-2030) ($MN)
- Table 19 North America Passenger to Freighter Market Outlook, By Refurbished (2021-2030) ($MN)
- Table 20 North America Passenger to Freighter Market Outlook, By Aircraft Model (2021-2030) ($MN)
- Table 21 North America Passenger to Freighter Market Outlook, By Narrow Body (2021-2030) ($MN)
- Table 22 North America Passenger to Freighter Market Outlook, By Regional Jets (2021-2030) ($MN)
- Table 23 North America Passenger to Freighter Market Outlook, By Wide Body (2021-2030) ($MN)
- Table 24 North America Passenger to Freighter Market Outlook, By Fitment (2021-2030) ($MN)
- Table 25 North America Passenger to Freighter Market Outlook, By Slot/Retro Fitment (2021-2030) ($MN)
- Table 26 North America Passenger to Freighter Market Outlook, By Line Fitment (2021-2030) ($MN)
- Table 27 North America Passenger to Freighter Market Outlook, By Application (2021-2030) ($MN)
- Table 28 North America Passenger to Freighter Market Outlook, By Airlines (2021-2030) ($MN)
- Table 29 North America Passenger to Freighter Market Outlook, By Logistics Company (2021-2030) ($MN)
- Table 30 North America Passenger to Freighter Market Outlook, By Rental Company (2021-2030) ($MN)
- Table 31 Europe Passenger to Freighter Market Outlook, By Country (2021-2030) ($MN)
- Table 32 Europe Passenger to Freighter Market Outlook, By Build Type (2021-2030) ($MN)
- Table 33 Europe Passenger to Freighter Market Outlook, By New Build (2021-2030) ($MN)
- Table 34 Europe Passenger to Freighter Market Outlook, By Refurbished (2021-2030) ($MN)
- Table 35 Europe Passenger to Freighter Market Outlook, By Aircraft Model (2021-2030) ($MN)
- Table 36 Europe Passenger to Freighter Market Outlook, By Narrow Body (2021-2030) ($MN)
- Table 37 Europe Passenger to Freighter Market Outlook, By Regional Jets (2021-2030) ($MN)
- Table 38 Europe Passenger to Freighter Market Outlook, By Wide Body (2021-2030) ($MN)
- Table 39 Europe Passenger to Freighter Market Outlook, By Fitment (2021-2030) ($MN)
- Table 40 Europe Passenger to Freighter Market Outlook, By Slot/Retro Fitment (2021-2030) ($MN)
- Table 41 Europe Passenger to Freighter Market Outlook, By Line Fitment (2021-2030) ($MN)
- Table 42 Europe Passenger to Freighter Market Outlook, By Application (2021-2030) ($MN)
- Table 43 Europe Passenger to Freighter Market Outlook, By Airlines (2021-2030) ($MN)
- Table 44 Europe Passenger to Freighter Market Outlook, By Logistics Company (2021-2030) ($MN)
- Table 45 Europe Passenger to Freighter Market Outlook, By Rental Company (2021-2030) ($MN)
- Table 46 Asia Pacific Passenger to Freighter Market Outlook, By Country (2021-2030) ($MN)
- Table 47 Asia Pacific Passenger to Freighter Market Outlook, By Build Type (2021-2030) ($MN)
- Table 48 Asia Pacific Passenger to Freighter Market Outlook, By New Build (2021-2030) ($MN)
- Table 49 Asia Pacific Passenger to Freighter Market Outlook, By Refurbished (2021-2030) ($MN)
- Table 50 Asia Pacific Passenger to Freighter Market Outlook, By Aircraft Model (2021-2030) ($MN)
- Table 51 Asia Pacific Passenger to Freighter Market Outlook, By Narrow Body (2021-2030) ($MN)
- Table 52 Asia Pacific Passenger to Freighter Market Outlook, By Regional Jets (2021-2030) ($MN)
- Table 53 Asia Pacific Passenger to Freighter Market Outlook, By Wide Body (2021-2030) ($MN)
- Table 54 Asia Pacific Passenger to Freighter Market Outlook, By Fitment (2021-2030) ($MN)
- Table 55 Asia Pacific Passenger to Freighter Market Outlook, By Slot/Retro Fitment (2021-2030) ($MN)
- Table 56 Asia Pacific Passenger to Freighter Market Outlook, By Line Fitment (2021-2030) ($MN)
- Table 57 Asia Pacific Passenger to Freighter Market Outlook, By Application (2021-2030) ($MN)
- Table 58 Asia Pacific Passenger to Freighter Market Outlook, By Airlines (2021-2030) ($MN)
- Table 59 Asia Pacific Passenger to Freighter Market Outlook, By Logistics Company (2021-2030) ($MN)
- Table 60 Asia Pacific Passenger to Freighter Market Outlook, By Rental Company (2021-2030) ($MN)
- Table 61 South America Passenger to Freighter Market Outlook, By Country (2021-2030) ($MN)
- Table 62 South America Passenger to Freighter Market Outlook, By Build Type (2021-2030) ($MN)
- Table 63 South America Passenger to Freighter Market Outlook, By New Build (2021-2030) ($MN)
- Table 64 South America Passenger to Freighter Market Outlook, By Refurbished (2021-2030) ($MN)
- Table 65 South America Passenger to Freighter Market Outlook, By Aircraft Model (2021-2030) ($MN)
- Table 66 South America Passenger to Freighter Market Outlook, By Narrow Body (2021-2030) ($MN)
- Table 67 South America Passenger to Freighter Market Outlook, By Regional Jets (2021-2030) ($MN)
- Table 68 South America Passenger to Freighter Market Outlook, By Wide Body (2021-2030) ($MN)
- Table 69 South America Passenger to Freighter Market Outlook, By Fitment (2021-2030) ($MN)
- Table 70 South America Passenger to Freighter Market Outlook, By Slot/Retro Fitment (2021-2030) ($MN)
- Table 71 South America Passenger to Freighter Market Outlook, By Line Fitment (2021-2030) ($MN)
- Table 72 South America Passenger to Freighter Market Outlook, By Application (2021-2030) ($MN)
- Table 73 South America Passenger to Freighter Market Outlook, By Airlines (2021-2030) ($MN)
- Table 74 South America Passenger to Freighter Market Outlook, By Logistics Company (2021-2030) ($MN)
- Table 75 South America Passenger to Freighter Market Outlook, By Rental Company (2021-2030) ($MN)
- Table 76 Middle East & Africa Passenger to Freighter Market Outlook, By Country (2021-2030) ($MN)
- Table 77 Middle East & Africa Passenger to Freighter Market Outlook, By Build Type (2021-2030) ($MN)
- Table 78 Middle East & Africa Passenger to Freighter Market Outlook, By New Build (2021-2030) ($MN)
- Table 79 Middle East & Africa Passenger to Freighter Market Outlook, By Refurbished (2021-2030) ($MN)
- Table 80 Middle East & Africa Passenger to Freighter Market Outlook, By Aircraft Model (2021-2030) ($MN)
- Table 81 Middle East & Africa Passenger to Freighter Market Outlook, By Narrow Body (2021-2030) ($MN)
- Table 82 Middle East & Africa Passenger to Freighter Market Outlook, By Regional Jets (2021-2030) ($MN)
- Table 83 Middle East & Africa Passenger to Freighter Market Outlook, By Wide Body (2021-2030) ($MN)
- Table 84 Middle East & Africa Passenger to Freighter Market Outlook, By Fitment (2021-2030) ($MN)
- Table 85 Middle East & Africa Passenger to Freighter Market Outlook, By Slot/Retro Fitment (2021-2030) ($MN)
- Table 86 Middle East & Africa Passenger to Freighter Market Outlook, By Line Fitment (2021-2030) ($MN)
- Table 87 Middle East & Africa Passenger to Freighter Market Outlook, By Application (2021-2030) ($MN)
- Table 88 Middle East & Africa Passenger to Freighter Market Outlook, By Airlines (2021-2030) ($MN)
- Table 89 Middle East & Africa Passenger to Freighter Market Outlook, By Logistics Company (2021-2030) ($MN)
- Table 90 Middle East & Africa Passenger to Freighter Market Outlook, By Rental Company (2021-2030) ($MN)
